Preview: The launch of the Zetachain (ZETA) mainnet on January 30th may create opportunities for ecosystem integration across multiple chains.
In-Depth Exploration of ZetaChain: Innovative Interoperability Mode for Achieving Omni-Chain Asset Circulation
Background:
20,000-word in-depth analysis: ZetaChain: Breaking the Fragmentation of Blockchain and Achieving Omni-Chain dApp Interoperability
Table of Contents:
Innovation of L1 brings omni-chain interoperability
Established ecosystem partnerships with nearly 200 projects including Sushi and Curve
Over 2.66 million addresses participated in testing, jointly organized testing activities with OKX Web3 Wallet and Bitget Wallet
Future plans: Mainnet to be launched in Q1 2024
Layer 1 and Layer 2 blockchains have once again become hot topics, and among the upcoming Layer 1 mainnets, ZetaChain may be one of the most promising ones. ZetaChain has undergone extensive testing, attracting a large number of users and developers, and has partnered with hundreds of projects that have been deployed on the testnet. Once the mainnet is launched, it could bring significant growth to the ZetaChain ecosystem.
ZetaChain is a Layer 1 blockchain and smart contract platform designed specifically for interoperability between blockchains. Its innovation lies in providing omni-chain interoperability, enabling connections between different blockchains, including Bitcoin and Dogecoin, which do not support smart contracts. This allows applications and smart contracts built on the ZetaChain platform to execute across multiple chains, achieving seamless flow of assets and data.
This interoperability solves the problems of “cross-chain” and “multi-chain.” Traditionally, the operational environments between different blockchains have been isolated, and assets on non-smart contract chains like Bitcoin have been more difficult to utilize effectively. ZetaChain makes the flow of assets and information between different blockchains possible through its omni-chain smart contracts and cross-chain messaging mechanism. The omni-chain smart contracts also solve the multi-chain problem, as ZetaChain hosts a compatible Ethereum Virtual Machine (EVM) execution layer called zEVM. Developers only need to deploy a single omni-chain contract on ZetaChain to maintain the asset and data states across connected chains, making it a “one-stop” platform for developers to build and deploy applications that use all chains. Similarly, users can access all assets and data in ZetaChain.
In terms of security and network architecture, ZetaChain is primarily a proof-of-stake (PoS) blockchain built on the Cosmos SDK and Tendermint consensus mechanism. All cross-chain transactions are fully transparent and verifiable, which differs from the trust models of some other cross-chain solutions. In ZetaChain’s network, no single node has control over any private keys, reducing the risk of key leakage and ensuring the security of assets during storage. During asset transfer, ZetaChain uses the ZETA token as an intermediary, helping to minimize the attack surface and reduce the security risks faced by users.
Overall, ZetaChain uses a simpler and more robust trust model, where only its network is trusted to transmit data/value, rather than relying on third parties. Through these mechanisms, it provides a secure cross-chain interaction platform for developers and users.
ZetaChain’s omni-chain interoperability not only solves critical issues in the existing blockchain ecosystem but also provides new possibilities for decentralized applications, indicating a more interconnected and efficient blockchain future.
ZetaChain is committed to developing its omni-chain capabilities. In addition to addressing the challenges of cross-chain and multi-chain development, it also aims to achieve decentralization of the global financial and crypto ecosystem. This process also requires sufficient funding and resources for ecosystem development, and ZetaChain has already partnered with multiple well-known projects.
Since completing its seed round financing in March 2022, ZetaChain has made significant progress in terms of funding and ecosystem development. Its financing activities have attracted support from well-known crypto companies and industry leaders, including early employees and executives from Coinbase, Binance, and Polygon, as well as a $27 million Series A financing completed in June 2023, with participants from Blockchain.com, Jane Street Capital, and other fields.
In April 2023, ZetaChain launched a $5 million grant program to support omni-chain dApp developers. By December 2023, its ecosystem had expanded to 197 projects, covering areas such as DeFi, gaming, infrastructure, and NFTs, with a particular emphasis on the partnership with Sushi. These actions demonstrate ZetaChain’s deep involvement and expanding influence in the blockchain industry.
Sushi is a well-known multi-chain DEX that supports over 30 networks. As mentioned above, liquidity in these networks is fragmented, and the use of assets such as BTC depends on cross-chain bridges like Multichain. The collapse of these bridges has had a significant impact on Sushi users. ZetaChain can solve these problems by integrating Sushi v2 AMM, v3 AMM, and SushiXSwap, allowing users to directly trade native Bitcoin on over 30 networks. This eliminates the risks of wrapped assets and cross-chain bridges and brings about a significant increase in liquidity. Sushi plans to introduce liquidity provision and asset trading features on the ZetaChain testnet initially. After the ZetaChain mainnet goes live, Sushi will deploy full native Bitcoin cross-chain trading functionality on the mainnet.
In addition, ZetaChain has collaborated with many institutions in the industry, such as partnering with Chainalysis and Halborn to enhance security measures, and collaborating with BYTE City and Ultiverse to enter the truly open metaverse and develop the all-chain GameFi.
The collaborations with numerous partners not only demonstrate the reliability and attractiveness of ZetaChain’s technology but also contribute to the diversity and innovation of its ecosystem, which is crucial for its long-term success.
The ZetaChain team is also actively organizing and participating in various events. From November 13 to 19, 2023, the ZetaChain team attended the DevConnect event in Istanbul, followed by the ETHGlobal Istanbul event from November 17 to 19. In December, they participated in the India Blockchain Week.
ZetaChain launched its first testnet as early as August 6, 2022, and the official website currently shows the use of the Athens-3 testnet. So far, there have been 2.66 million unique addresses participating in testing, with developers building 46,522 smart contracts and initiating 14.08 million cross-chain transactions. To incentivize the use of the testnet, ZetaChain has also developed a point system, and both OKX Wallet and Bitget Wallet have jointly organized testing activities with ZetaChain.
On October 16, 2023, OKX announced its collaboration with ZetaChain and its ecosystem projects (including Eddy Finance, zkMe, Desig, Project Twelve, and LENX) to launch Cryptopedia Season 8. Users who experience these new projects have the opportunity to share a reward pool of 100,000 ZETA tokens. Users need to download the OKX app, create or import a wallet, choose Cryptopedia: Learn and Earn, select ZetaChain, and interact with the dApps to complete tasks for verification. Currently, the OKX Web3 Wallet page shows that the activity is still ongoing, with 312,500 participants.
On November 20, Bitget Wallet also announced its collaboration with ZetaChain to organize the TaskGet testing activity, allowing users to have the chance to obtain rare NFTs by completing tasks related to ZetaChain. The activity focuses on promoting interaction with the ZetaChain testnet ecosystem and involves multiple decentralized applications such as XDAO, LENX, iZUMi Finance, Eddy Finance, Bounce Finance, and zkMe. Participants have the opportunity to share a reward pool of 700,000 ZETA tokens.
With the mainnet launch approaching, the point system has now been closed, and users can no longer earn new points, but they can still view leaderboards and other information. Through collaborations with OKX and Bitget Wallet, ZetaChain’s testing activities not only showcase the platform’s functionality and performance but also demonstrate its widespread acceptance and participation in the crypto community.
The closure of the point system may be due to the upcoming launch of the ZetaChain mainnet, which is scheduled for the end of January 2024. The team has announced that they will hold an AMA session for the ZetaChain mainnet countdown on January 30th at 11:00 AM Beijing time and a full-chain summit at ETHDenver from February 29th to March 3rd, 2024.
Currently, ZetaChain’s airdrop can be queried and pre-claimed. In token distribution, ZetaChain has reserved 10% (210 million ZETA) of the tokens for airdrops, wallet activities, and other community-centric reward programs. The Genesis airdrop will distribute 31.5 million ZETA to over 800,000 ZetaLabs users and contributors.
With the planned launch of the ZetaChain mainnet in Q1 2024, participants in the ZetaChain ecosystem are eagerly anticipating this significant event. The mainnet launch is not only an important milestone for ZetaChain’s own development but also indicates a potential major transformation in the entire blockchain ecosystem. The successful deployment of the mainnet will validate the technical promises demonstrated during the testnet phase and translate these concepts into practical applications and services.
Firstly, the launch of the ZetaChain mainnet will further enhance its capability as an omni-chain interoperability platform. By connecting different blockchains, including non-smart contract chains, ZetaChain will be able to achieve seamless flow of assets and data in a broader network, breaking the existing isolation and helping to solve the decentralized liquidity problem, providing users and developers with a more unified and efficient blockchain experience.
Secondly, after the mainnet launch, ZetaChain will be better positioned to support developers. By simplifying the development process of cross-chain applications, ZetaChain aims to attract more developers to build innovative dApps. This not only helps to enhance the attractiveness of the ZetaChain platform but also may give rise to a series of new applications and services, further enriching the entire blockchain ecosystem.
Additionally, the launch of the ZetaChain mainnet is expected to attract more investment and user participation. With the introduction of new applications and the migration of existing projects, ZetaChain’s user base and transaction volume are expected to significantly increase. This will bring greater visibility and recognition to ZetaChain, potentially attracting more partners and investors.
As a platform dedicated to omni-chain interoperability, the success of ZetaChain may promote innovation in the industry in terms of interoperability and cross-chain solutions. It is not only crucial for the project itself but also brings new opportunities to the industry while facing challenges in realizing its vision and technical promises. With the mainnet launch approaching, ZetaChain and its community are at an exciting turning point, signaling new possibilities and future growth.
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